Procurement News Notice |
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| PNN | 9284 |
| Work Detail | Daewoo Engineering & Construction said on Sept. 8 that it has received an awarding letter from Ashghal, the public works authority of Qatar, for road construction in Qatar which is aggressively developing various kinds of infrastructure to prepare for the World Cup to be held in 2022. The deal is estimated to be worth US$730 million (796.43 billion won). The project consists of extending the existing highway located about 15 km south of Doha, the capital city of Qatar, by 4.5 kilometers and additionally constructing a 4km road of 8 to 14 lanes in both directions. It will be solely managed by Daewoo E&C and completed in 42 months after the start of construction. Although the project is the construction of the 8.5-km section of the road, it has a high profitability in the future due to a large amount of construction costs as it has three multi-level crossing interchanges, said Daewoo E&C. The company has so far won a total of five projects worth US$3 billion (3.27 trillion won) in Qatar after entering the market in 2005. With the latest deal, Daewoo E&C is now in an advantageous position for receiving follow-up infrastructure construction for the 2020 World Cup from the Qatari government in the future. An official from Daewoo E&C said, “As the global construction market has been depressed from last year due to low oil prices, we have been making an effort to diversify our overseas business portfolio by winning infrastructure construction, including roads and bridges. This year, we have obtained projects such as highway construction in Ethiopia, bridge construction in India and highway construction in Qatar. We also expect to win more lucrative projects abroad in the second half of the year.” |
| Country | Qatar , Western Asia |
| Industry | Construction |
| Entry Date | 15 Oct 2016 |
| Source | http://www.businesskorea.co.kr/english/news/industry/15808-construction-world-cup-daewoo-ec-wins-us730-million-e-ring-highway-construction |
